Question 1

Why are you worth a $25M valuation already?

Accepted Answer

Hey Nicholas, thanks for your question! Our team has a great background in finance and engineering, and have had success with a prototype, which then caused a spike in demand by thousands of waitlist signups. We also did a strong presentation for a Stonks.com Demo Day, which brought us over $8.5M in investor interest within the first 10 mins of the pitch, link for more info here: https://www.linkedin.com/feed/update/urn:li:activity:6906718726583169024 Due to this demand, and not a lot of room...

Question 2

Hi, could you talk a bit more about how there's no tax implications for the sender in this scenario? For example "under the hood of this app", is the user making use of "Gift Tax Exemptions" and could, in theory, only send that tax year's limit ($15k for 2021 tax year, $16k fo...

Accepted Answer

Hey Amit, that's a great question! We have answered this on our website FAQ section. There are no amount limits for the sender. How it works: Let's say you go out to dinner with your friend, and he covers the entire bill. You want to pay your friend back $50 in stock, so when you go onto their profile page, you can see what his favorite stocks are. You have an option to pay him in any of his favorites. When you click send, the $50 comes out of your bank account that you hook up to the app (St...

Question 3

Hi Lucy, Victoria and Nikki, congrats on your early success. Great concept. You mentioned in another Q&A (above) that based on your Stonks presentation, you had “$8.5M in investor interest” and that helped you settle on a $25M valuation. How much funding has Staax raised t...

Accepted Answer

Hey Clay, Thanks for your comment and question! Staax has raised approx $2M in funding to date, including this WeFunder campaign amount as of today. We can consider this all 1 round, and our first ever round (WeFunder may be seen as an extension round). Our last round valuation closed at a $25M post-money SAFE. We've had no priced rounds before, and have mainly raised on SAFE notes. For this WeFunder campaign, we are not increasing our valuation from the last round (hence, we may count it as ...

Question 4

Hi again Lucy, Victoria and Nikki, your website says that Staax is free. I understand how Staax can be free for the sender. However, for the recipient of a payment via Staax, aren’t there fees that Staax needs to pay to buy shares of stock on behalf of the Recipient? (Usually ...

Accepted Answer

Hey Clay, Our services of sending, receiving, buying and selling stock are completely free for our users! When you send someone stock, you don't need to own the stock to send it. It comes out of your cash balance, and enters the recipient's account as a notification that they got stock. It converts the backend cash to stock once the recipient clicks "accept". We've built an efficient ledger system on that backend of the app that allows users to send and receive instantly, so we don't pay for ...

Question 5

Hi Staax team. Congrats on the Apple app launch. Do you have a version on Google Play?

Accepted Answer

Hi Clay, our engineering team is working hard to release on android and we should be launching that in the coming months :)

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